Bloom announced his departure this morning in a memo to staff, though no successor has been named. His departure comes the streaming music service prepares for an initial public stock offering.

“We are grateful for Stefan’s many contributions to the company over the years and we wish the very best,” said a Spotify spokesperson. “Looking ahead, the content team is well positioned to execute on our strategy.”

Bloom is the executive responsible for securing the critical music licenses from the major labels, though the music service has struggled to gain traction with its video efforts.

The service just announced that it has reached 70 million subscribers.